We've built several safeguards into the 401(k) Easy do-it-yourself 401k system to help you keep your 401k in line with ever-changing IRS regulations: We program relevant IRS regulations about contribution limits and compliance testing, among other things, into your 401(k) Easy software.

The prototype plan is the master document describing and defining every aspect of a 401k prototype. The IRS analyzes this master and deems it "approved" or "disapproved." Once approved, the master can be used to create any number of 401k plans that fall within the approved specifications. Included in the prototype plan are certain allowed plan options, such as choices in eligibility requirements, matching contribution formulas and investment selection.

k) Easy collects the same payroll information that an off-site, third-party vendor would request of you, but 401(k) Easy performs all the processing in-house, simplifying operations -- and drastically reducing turn-around times! With 401(k) Easy you have direct, constant control and oversight over your employees' 401k contributions -- from the time the money is separated from their taxable payroll until it's safely and securely deposited with the custodian mutual fund or participant-directed bro.

The Internal Revenue Code says hardship withdrawals must be an option available to participants of every 401k plan. Thus, they are mandatory. Your company can charge its plan participants a "reasonable" (in the IRS' eyes) fee for processing hardship withdrawals; $25 to $50 is most common.

Because we're long-experienced in all aspects of 401k administration for plans of all sizes, we know plan administrators' needs and have created series of brief, easy-to-read reports that enable plan administrators to find the information they need -- fast -- so they can do their jobs -- fast.

A 401(k) is a fairly simple plan. It is set up by your employer as a set contribution retirement agreement. That means you are the one who pays into the plan, although your employer and the plan provider who offers your 401(k) do just about all the work. Your 401(k) contribution is automatically deducted from your paycheck each pay period. This money is taken out and invested before your paycheck is taxed.

k) Easy customers can choose mutual funds for the company plan from among hundreds of SEC-regulated load or no load mutual fund families. Each fund-family offers portfolios that provide a diversity of risk-return scenarios. 401(k) Easy lets you pick any one* of hundreds of these mutual fund families, load or no-load. k) Easy lets you offer individual, participant-directed discount brokerage accounts (Schwab, Ciqna, Fidelity, etc.

A 401(k) plan is a defined contribution plan that is a cash or deferred arrangement. You can elect to defer receiving a portion of your salary which is instead contributed on your behalf, before taxes, to the 401(k) plan. Sometimes the employer may match your contributions. There are special rules governing the operation of a 401(k) plan. For example, there is a dollar limit on the amount you may elect to defer each year. The dollar limit is $11,000.

k) Easy is an annual program and must be re-purchased each year it is being used, like tax preparation software. Regulations that govern 401k plans are adjusted every year; and the 401(k) Easy software is updated with these changes, year-to-year . The amount you'll pay each year for your 401(k) Easy do-it-yourself 401k system is so much less than what you'd pay any plan provider + administrator + investment provider each year that with k) Easy you're way ahead in saving money -- year after year.

A 401(k) plan is a type of retirement plan offered by an employer under section 401(k) of the Internal Revenue Code. A 403(b) plan is a somewhat different type of retirement plan, which has many of the same features of a 401(k). Since Duke is a tax-exempt, non-profit organization and educational institution we can offer a 403(b) plan.

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Participants in a 401(k) plan generally have a decent number of different investment options, nearly all cases a menu of mutual funds. These funds usually include a money market, bond funds of varying maturities (short, intermediate, long term), company stock, mutual fund, US Series EE Savings Bonds, and others.

Your 401(k) plan helps you start regular investing, and stick with it. Your contributions are automatically deducted from your salary before you receive your check. Since the money is deducted from your gross income, you will have a lower taxable income, which means you will pay less in annual taxes. The money you save will accumulate on a tax-deferred basis. This means you pay no federal or state taxes on your contributions or investment earnings until you start withdrawing money from the plan.

long as your 401(k) balance is greater than $2,000, you can take up to 50% of your account balance for purposes of a loan (minimum loan amount is $1,000). There is a $75 loan origination fee and the loan is paid back through payroll deductions (the interest charged is prime plus 2%). Participants are also charged a $50 annual loan fee. Loan requests are made through the Great West Life Annuity and generally take about 2-3 weeks to process all the necessary paperwork.

For Employees: 401(k) plans are popular with employees because they are able to divert a portion of their salary into an account that is set aside for their retirement while simultaneously reducing their current tax bill. Employees are not required to pay income tax on these salary deferrals until they take the money out of the 401(k) plan, at some time in the future.

All reporting and disclosure requirements must be satisfied by the plan administrator. The completion of the forms which must be submitted when a participant enters the 401(k) plan, the preparation of series 5500 forms, a Summary Annual Report and a statement to participants of their account balance are a few of the administrative functions of a 401(k) plan.

A Roth 401(k) is a feature that allows participants to contribute to their retirement on an AFTER TAX basis. As long as the money remains in a plan for at least 5 years, the distribution (even the earnings!) will be TAX FREE.